South Korea’s largest telecommunications company KT to expand global data center business
South Korea’s largest telecommunications company, KT Corporation is set to expand their global data center business, as demand for data centers is expected to surge post COVID-19
KT signed a memorandum of understanding in partnership with government agency Korea Overseas Infrastructure and Urban Development Corporation (KIND) last week to globally promote KT’s data center business and smart city projects.
“Our partnership will help Korean businesses avail themselves of ICT resources as easily abroad as they do in the nation,” said Park Yoon-Young, the Head of KT’s Enterprise Business Development Unit.
KT will focus on designing data centers and creating the strategy to develop products, while KIND will lead in researching new demands for data centers in connection with their overseas projects to attract investors.
“When our two companies cooperate, we will more effectively assist Korean businesses in achieving their global reach,” said Hur Kyong-Goo, the CEO of KIND.
KT is known for launching the world’s first nationwide commercial 5G network last year, which could positively impact their new data center business venture by enabling lower latency connections and edge computing capabilities.
The telecom giant also announced on Wednesday it will launch a subscription-based cloud gaming platform called GameBox, which will likely require data centers to successfully provide low latency and lag for gamers.
Why is South Korea a perfect place to set up a data center?
South Korea is one of the most technologically advanced and digitally connected countries in the world with constant innovations that make it a perfect place to set up a data center.
The country is seeing an increase in data center investments from global tech giants and data center providers, with even more expected from the increasing requirements brought by demand for cloud services and mobile technology.
As a result, South Korea is forecast to be one of the five leading revenue generators for Asia Pacific that will help to produce 80% of the overall data center revenue amounting to US$32bn in the region by 2023.
Explore the Korea data center and cloud market with W.Media
The competition in the Korea data center and cloud markets is heating up, as more service providers are expanding to satisfy the growing data demands of the tech savvy nation.